Mergers and Acquisitions in Vietnam’s Emerging Market Economy, 1990-2009

This paper is the first major and thorough study on the M&A activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the most complete set of empirical data. Proceeds from sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impacts of M&A on Vietnam’s long-term prosperity are, thus, highly questionable. An observable high degree of volatility in the M&A processes would likely blow outthe high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts it may result in for domestic entrepreneurship will perhaps be the single most important indicator.

Measurement of ratios of fragmentation fractions for bottom hadrons in pp̄ collisions at s=1.96TeV

This paper describes the first measurement of b-quark fragmentation fractions into bottom hadrons in Run II of the Tevatron Collider at Fermilab. The result is based on a 360pb-1 sample of data collected with the CDF II detector in pp̄ collisions at s=1.96TeV. Semileptonic decays of B̄0, B-, and B̄s0 mesons, as well as Λb0 baryons, are reconstructed. For an effective bottom hadron pT threshold of 7GeV/c, the fragmentation fractions are measured to be fu/fd=1.054±0.018(stat)-0.045+0.025(sys)±0. 058(B), fs/(fu+fd)=0.160±0.005(stat)-0.010+0.011(sys)-0.034+0.057(B), and fΛb/(fu+fd)=0.281±0.012(stat)-0.056+0.058(sys)-0.087+0.128(B), where the uncertainty B is due to uncertainties on measured branching ratios. The value of fs/(fu+fd) agrees within one standard deviation with previous CDF measurements and the world average of this quantity, which is dominated by LEP measurements. However, the ratio fΛb/(fu+fd) is approximately twice the value previously measured at LEP. The approximately 2σ discrepancy is examined in terms of kinematic differences between the two production environments. © 2008 The American Physical Society.